Exhibit 99.1
Contact:
Jennifer McGuffin
Director of Investor Relations
+1 630 245 1780
jmcguffin@calamos.com
Calamos Asset Management, Inc. Reports First Quarter 2011 Results and Declares Dividend
NAPERVILLE, Ill., April 28, 2011 — Calamos Asset Management, Inc. (NASDAQ: CLMS), a diversified global investment firm offering equity, fixed income, convertible and alternative strategies, today reported first quarter 2011 results.
Financial Highlights
| | • | | Revenues were $90.5 million, an increase of 5% from $86.0 in the fourth quarter of 2010 and up 12% from $81.1 million in the first quarter of 2010. |
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| | • | | Operating income increased by 4% to $37.3 million from $35.7 for the fourth quarter 2010 and by 22% from $30.5 in the first quarter of 2010. |
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| | • | | Net income was $30.9 million, a 20% decrease from the fourth quarter and a 10% decrease from the first quarter 2010. |
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| | • | | Net income attributable to Calamos Asset Management, Inc. was $4.6 million, representing 21.9% ownership interest in the underlying investment management business. |
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| | • | | Diluted earnings per share were $0.23, compared to $0.28 per share last quarter and $0.24 a year ago. |
| | o | | Diluted earnings per share decreased from the prior periods primarily as a result of non-operating activities, specifically the mark-to-market impact of certain investments in the company’s corporate investment portfolio that have an effect on current earnings. |
| | • | | At March 31, 2011, assets under management increased by 7% to $38.0 billion from the previous quarter. |
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| | • | | The company declared a regular quarterly dividend of 9.5 cents per share payable on May 25, 2011 to shareholders of record on May 10, 2011. |
Management Commentary
“In the first quarter of 2011, we remained financially strong and exhibited stability in a quarter marked by significant market volatility. We saw an increase in assets under management throughout the quarter, maintained our operating margin and generated
competitive relative investment performance in most of our investment strategies. Results from operations improved and we generated net gains of 3.4% on the corporate investment portfolio during the quarter, which together create the expectation of earnings expansion. However, earnings per share decreased from the prior period because of the varying accounting treatment required for certain securities in our investment portfolio that prohibits all investment gains and losses from being reported in current earnings,” said John P. Calamos, Sr., chief executive officer and co-chief investment officer.
Distribution Efforts
“Our distribution efforts resulted in net inflows in the first quarter. Given our initiative to expand and reinforce the Calamos brand globally, we were pleased to see significant positive net flows coming from our non-U.S. distribution efforts, including a large mandate awarded in Asia, as well as positive net flows into our UCITS funds. In the U.S., net flows were also positive in our mutual funds, partially offset by outflows in our U.S. institutional business. Our efforts to highlight the opportunities we see in growth equities were marked by the commencement of the Calamos ‘GrowthWorks’ campaign, a comprehensive sales and marketing initiative which is ongoing,” said Calamos.
Investment Performance
“During the first quarter, investment performance was competitive, with most strategies beating or reflecting benchmark performance. We believe the long-term performance of our investment strategies demonstrates the strength of our risk-managed approach to investing across all of our strategies, which aims to generate strong performance over full and multiple market cycles,” said Calamos.
Investment Performance Highlights:
| | • | | The majority of all Calamos mutual funds rank in the upper half of their respective Lipper1 categories for all time periods. Details of these ratings can be found in Table D. |
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| | • | | Similarly, eighty-two percent of the company’s mutual funds with at least a three-year track record received a 3-, 4-, or 5-star overall rating from Morningstar as of March 31, 2011.2 Details of the ratings can be found in Table E. |
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| | • | | The company’s performance in the institutional marketplace for the comparable investment strategies was similar to that of the mutual funds, with a majority ranking in the upper half of their peer groups for all time periods as of March 31, 2011, as determined by eVestment Alliance3. Details of these rankings are provided in Table F. |
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| 1 | | All references to Lipper ratings and rankings are based on total return for each respective fund’s Class A shares at NAV for the period ending 3.31.2011. Complete Lipper rankings for the Calamos Family of Funds are listed in Table D. |
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| 2 | | All references to Morningstar ratings and rankings are based on total return for each respective fund’s Class A shares at NAV for the period ending 3.31.2011. Complete Morningstar rankings for the Calamos Family of Funds are listed in Table E. |
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| 3 | | eVestment Alliance rankings are based on total return for the period ending 3.31.2011, and do not take into account any investment advisory and/or management fees that may be associated with these strategies. eVestment Alliance is an independent 3rd party database that contains performance |
| | • | | The company continues to see significant returns from its global growth equity suite; Calamos Global Equity Fund, Calamos International Growth Fund and Calamos Evolving World Growth Fund. The A shares at NAV of each solidly outperformed the respective benchmarks this quarter — and for all time periods thus far — by at least 250 bps. The company believes this performance reflects the Investment Team’s ability to find opportunities around the world and demonstrates the benefits of active management.4 |
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| | • | | Additionally, the new Calamos Discovery Growth Fund, which seeks to find growth opportunities in small- to mid-cap companies, is off to a good start. Its Class A shares returned 15.41% for the quarter, compared to a 9.23% return for its benchmark, at NAV.4 |
For complete investment performance, please see Table G or visit www.calamos.com.
Assets Under Management and Flows
Assets under management as of March 31, 2011 totaled $38.0 billion, representing an increase of $2.5 billion, or 7%, during the first quarter.
| | • | | Average assets under management were $36.8 billion during the first quarter of 2011, compared to $32.3 billion for the same period one year ago. |
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| | • | | Total net inflows were $618 million while market appreciation contributed $1.9 billion to the increase in assets under management. |
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| | • | | Net inflows into the company’s investment companies were $346 million. |
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| | • | | 12 of the company’s 19 funds generated net inflows with the highest concentration of net flows into the low-volatility equity, alternative and global strategies. However, outflows from the Convertible Fund and Growth Fund reduced total net inflows. |
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| | • | | The Emerging Markets Fund was introduced to the lineup of UCITS funds. |
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| | • | | UCITS funds, with nearly $500 million in total assets under management, generated positive inflows of $115 million. |
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| | • | | Institutional separate accounts had $254 million of positive net inflows. |
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| | • | | The first large investment mandate in Asia was awarded with inflows totaling nearly $400 million. |
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| | | information for select investment advisors. Information contained in this database is supplied, on a voluntary basis, by investment advisors who choose to be included in the database. Please see Table F for complete ranking information for the investment strategies listed herein. |
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| 4 | | Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Complete performance data for the Calamos Family of Funds can be found in Table G. |
Financial Results
Revenues for the first quarter of 2011 were $90.5 million, an increase of 12% from $81.1 million during the same period last year. For the quarter ended March 31, 2011, operating expenses were $53.2 million, an increase of $2.6 million, or 5%, from the first quarter of 2010.
Investment management fees for the first quarter of 2011 increased by $9.0 million, or 15%, to $67.6 million compared to the same period last year. The increase in investment management fees was principally driven by a 14% increase in average assets under management. Distribution and underwriting fees increased by $277,000, or 1%, compared to the same period in 2010 as the asset-based increase in distribution fees was offset by lower contingent deferred sales charges. The percentage of mutual fund assets invested in Class I shares continues to increase and because the company does not earn distribution fees from Class I mutual fund shares, distribution fee revenue has been increasing at a slower rate than the growth in average mutual fund assets under management.
Compensation expenses of $20.6 million increased by $500,000, or 2%, from the same quarter last year, mostly due to increases in sales-based incentive compensation as both gross and net sales increased significantly when compared to the same period last year. For the first quarter of 2011, distribution expenses were $18.2 million, an increase of $1.4 million, or 9%, due to increased mutual fund assets under management and to the increasing age of Class C share assets. The company retains the distribution fees on Class C shares for a period of 12 months following the initial purchase after which these fees are paid to third party intermediaries and recorded as distribution expenses. Marketing and sales promotion expenses were $3.4 million for the quarter, compared to $2.7 million in the first quarter of 2010. Marketing and sales promotion expenses continue to rise with the level of assets managed by the company because of the asset-based supplemental distribution payments that we make to distribution intermediaries. Additionally, through the use of selective advertising campaigns, the company remains focused on building awareness about the company’s growth strategies. General and administrative expenses increased by approximately $800,000, or 9%, to $9.2 million for the first quarter 2011 versus the comparable period. The continued focus on outsourcing non-core activities, such as the middle- and back-office operations functions, is the primary driver to the rise in general and administrative expenses.
Operating income was $37.3 million for the current quarter versus $35.7 million in the previous quarter and $30.5 million in the first quarter of the prior year. Operating margin was 41.2% for the first quarter, down from 41.5% in the fourth quarter and up from 37.6% in the first quarter of the prior year. Diluted earnings per share for the first quarter of 2011 were $0.23 versus $0.28 for the fourth quarter and $0.24 for the same period a year ago. The decrease in earnings per share from the prior quarter was entirely attributable to the decrease in non-operating income, principally reflecting losses on derivatives used to hedge the corporate investment portfolio.
Non-Operating Results
Non-operating loss, net of non-controlling interest in partnerships, was $3.5 million during the first quarter of 2011 as presented in Table A, compared to income of $6.9 million in the same period for 2010.
The company’s financial condition remains strong with a high degree of liquidity. The investment portfolio was approximately $451.7 million at March 31, 2011 and was principally comprised of investments in products that the company manages. This portfolio consists
primarily of diversified investments in the company’s family of funds and cash equivalents and is used to provide seed capital for the development of new products. To reduce downside risk and price volatility of the total portfolio value, the company continues to use exchange-traded equity option contracts as an economic hedge.
Investment Portfolio Returns
For the three months ended March 31, 2011, the net gains on the company’s investment portfolio (as presented in Table B) were $12.2 million, representing investment gains of 3.4%. Certain investment securities require differing financial accounting treatments; hence, not all changes in the portfolio’s value are reported in current earnings. Instead, only gains and losses from investment securities owned by the company’s broker-dealer and from the company’s derivatives positions are reported in the Consolidated Condensed Statements of Operations, while unrealized gains and losses on securities designated as “available-for-sale” are captured as a component of equity until realized. Therefore, in the most recently completed quarter, investment losses of $1.7 million (as presented in both Table A and Table B) decreased earnings, while the component of the company’s portfolio that directly impacts equity generated net unrealized gains of $13.9 million. The company continues to realize gains from a trading strategy that seeks to harvest capital gains to realize certain deferred tax assets.
Investor Conference Call
Management will hold an investor conference call at 4 p.m. Central Time on Thursday, April 28, 2011. To access the live call and view management’s presentation, visit the Investor Relations section of our website athttp://investors.calamos.com. Alternatively, participants may listen to the live call by dialing 877.604.9670 in the U.S. or Canada (719.325.4910 internationally), then entering conference ID #2395311. A replay of the call will be available until the end of the day on May 3, 2011 by dialing 888.203.1112 in the U.S. or Canada (719.457.0820 internationally), then entering conference ID #2395311. A webcast also will be available on the Investor Relations section of our website athttp://investors.calamos.com for at least 90 days following the date of the call.
Calamos Asset Management, Inc. (NASDAQ: CLMS) is a globally diversified investment firm offering equity, convertible, defensive equity, fixed income and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visitCalamos.com.
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Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, derivatives, short sales and companies with relatively small market capitalizations.
Before investing carefully consider the fund’s investment objectives, risks, charges and expenses. Please see theprospectus containing this and other information or call 800-582-6959. Read it carefully.
Funds distributed by Calamos Financial Services LLC.
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a three-year performance history.
From time to time, information or statements provided by us, including those within this newsrelease, may contain certain forward-looking statements relating to future events, future financial performance, strategies, expectations, the competitive environment and regulations. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. For a discussion concerning some of these and other risks, uncertainties and other important factors that could affect future results, see “Forward-Looking Information” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, where applicable, “Risk Factors” in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission.
Calamos Asset Management, Inc.
Consolidated Condensed Statements of Operations
(in thousands, except share data)
(Unaudited)
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| | | Three Months Ended March 31, |
| | | 2011 | | 2010 |
| | | |
| Revenues: | | | | | | | | |
| Investment management fees | | $ | 67,608 | | | $ | 58,570 | |
| Distribution and underwriting fees | | | 22,112 | | | | 21,835 | |
| Other | | | 828 | | | | 725 | |
| | | |
| Total revenues | | | 90,548 | | | | 81,130 | |
| Expenses: | | | | | | | | |
| Employee compensation and benefits | | | 20,632 | | | | 20,132 | |
| Distribution expenses | | | 18,233 | | | | 16,790 | |
| Amortization of deferred sales commissions | | | 1,748 | | | | 2,566 | |
| Marketing and sales promotion | | | 3,439 | | | | 2,732 | |
| General and administrative | | | 9,181 | | | | 8,392 | |
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| Total operating expenses | | | 53,233 | | | | 50,612 | |
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| Operating income | | | 37,315 | | | | 30,518 | |
| Non-operating income (loss) | | | (3,522 | ) | | | 6,909 | |
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| Income before income tax provision | | | 33,793 | | | | 37,427 | |
| Income tax provision | | | 2,907 | | | | 3,222 | |
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| Net income | | | 30,886 | | | | 34,205 | |
| Net income attributable to non-controlling interest in Calamos Holdings LLC | | | (26,249 | ) | | | (29,387 | ) |
| Net income attributable to non-controlling interest in partnership investments | | | (5 | ) | | | (7 | ) |
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| Net income attributable to Calamos Asset Management, Inc. | | $ | 4,632 | | | $ | 4,811 | |
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| Earnings per share | | | | | | | | |
| Basic | | $ | 0.23 | | | $ | 0.24 | |
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| Diluted | | $ | 0.23 | | | $ | 0.24 | |
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| Weighted average shares outstanding | | | | | | | | |
| Basic | | | 20,035,394 | | | | 19,820,744 | |
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| Diluted | | | 20,478,456 | | | | 20,122,940 | |
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Calamos Asset Management, Inc.
Assets Under Management
(in millions)
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| | | Three Months Ended | |
| | | March 31, | |
| | | 2011 | | | 2010 | |
Investment Companies | | | | | | | | |
| Beginning assets under management | | $ | 27,352 | | | $ | 24,480 | |
| Net purchases (redemptions) | | | 346 | | | | (32 | ) |
| Market appreciation | | | 1,383 | | | | 592 | |
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| Ending assets under management | | | 29,081 | | | | 25,040 | |
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| Average assets under management | | | 28,367 | | | | 24,347 | |
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Separate Accounts | | | | | | | | |
| Beginning assets under management | | | 8,062 | | | | 8,234 | |
| Net purchases (redemptions) | | | 272 | | | | (515 | ) |
| Market appreciation | | | 546 | | | | 204 | |
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| Ending assets under management | | | 8,880 | | | | 7,923 | |
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| Average assets under management | | | 8,413 | | | | 8,001 | |
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Total Assets Under Management | | | | | | | | |
| Beginning assets under management | | | 35,414 | | | | 32,714 | |
| Net purchases (redemptions) | | | 618 | | | | (547 | ) |
| Market appreciation | | | 1,929 | | | | 796 | |
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Ending assets under management | | | 37,961 | | | | 32,963 | |
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| Average assets under management | | $ | 36,780 | | | $ | 32,348 | |
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| | | At March 31, | | | Change | |
| | | 2011 | | | 2010 | | | Amount | | | Percent | |
Investment Companies | | | | | | | | | | | | | | | | |
| Open-end mutual funds | | $ | 23,575 | | | $ | 19,959 | | | $ | 3,616 | | | | 18 | % |
| Closed-end funds | | | 5,506 | | | | 5,081 | | | | 425 | | | | 8 | |
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| Total investment companies | | | 29,081 | | | | 25,040 | | | | 4,041 | | | | 16 | |
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Separate Accounts | | | | | | | | | | | | | | | | |
| Institutional accounts | | | 6,179 | | | | 5,047 | | | | 1,132 | | | | 22 | |
| Managed accounts | | | 2,701 | | | | 2,876 | | | | (175 | ) | | | (6 | ) |
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| Total separate accounts | | | 8,880 | | | | 7,923 | | | | 957 | | | | 12 | |
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Ending assets under management | | $ | 37,961 | | | $ | 32,963 | | | $ | 4,998 | | | | 15 | % |
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| | | At March 31, | | | Change | |
| | | 2011 | | | 2010 | | | Amount | | | Percent | |
Assets by Strategy | | | | | | | | | | | | | | | | |
| Equity | | $ | 14,317 | | | $ | 11,940 | | | $ | 2,377 | | | | 20 | % |
| Convertible | | | 7,652 | | | | 7,275 | | | | 377 | | | | 5 | |
| Low-volatility Equity | | | 7,533 | | | | 6,181 | | | | 1,352 | | | | 22 | |
| Enhanced Fixed Income | | | 3,083 | | | | 2,793 | | | | 290 | | | | 10 | |
| Total Return | | | 2,423 | | | | 2,288 | | | | 135 | | | | 6 | |
| Alternative | | | 2,391 | | | | 1,952 | | | | 439 | | | | 23 | |
| High Yield | | | 358 | | | | 328 | | | | 30 | | | | 9 | |
| Fixed Income | | | 204 | | | | 206 | | | | (2 | ) | | | 1 | |
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Ending assets under management | | $ | 37,961 | | | $ | 32,963 | | | $ | 4,998 | | | | 15 | % |
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Table A
Calamos Asset Management, Inc
Non-operating Income, Net of Non-controlling Interest in Partnership Investments
(in thousands)
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended | |
| | | March 31, | |
| | | 2011 | | | 2010 | |
| Interest income | | $ | 69 | | | $ | 106 | |
| Interest expense | | | (1,964 | ) | | | (1,950 | ) |
| | | | | | | |
| Net interest expense | | | (1,895 | ) | | | (1,844 | ) |
| | | | | | | | | |
| Investment income (loss) | | | (1,664 | ) | | | 8,602 | |
| Miscellaneous other income | | | 37 | | | | 151 | |
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| Investment and other income (loss) | | | (1,627 | ) | | | 8,753 | |
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| Non-operating income (loss) | | | (3,522 | ) | | | 6,909 | |
| | | | | | | | | |
| Net income attributable to non-controlling interest in partnership investments | | | (5 | ) | | | (7 | ) |
| | | | | | | |
| | | | | | | | | |
| Non-operating income (loss), net of non-controlling interest in partnership investments | | $ | (3,527 | ) | | $ | 6,902 | |
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Table B
Calamos Holdings LLC
Summary of Investment Portfolio Returns
(in thousands)
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended | |
| | | March 31, | |
| | | 2011 | | | 2010 | |
| Returns reflected in earnings: | | | | | | | | |
| Investment income (loss) | | $ | (1,664 | ) | | $ | 8,602 | |
| Net income attributable to non-controlling interest in partnership investments | | | (5 | ) | | | (7 | ) |
| | | | | | | | | |
| Returns reflected in equity: | | | | | | | | |
| Net unrealized income (loss) reported in accumulated other comprehensive income | | | 13,879 | | | | (3,330 | ) |
| | | | | | | |
| Total investment portfolio returns | | $ | 12,210 | | | $ | 5,265 | |
| | | | | | | |
| |
| Average investment securities owned | | $ | 362,757 | | | $ | 259,261 | |
| Total portfolio return | | | 3.4 | % | | | 2.0 | % |
Table C
Calamos Asset Management, Inc.
Effective Income Tax Rate
(in thousands)
(Unaudited)
| | | | | | | | | |
| | | Three Months Ended | |
| | | March 31, | |
| | | 2011 | | | 2010 | |
| Income tax provision | | $ | 2,907 | | | $ | 3,222 | |
| Income tax provision attributable to non-controlling interest in Calamos Holdings LLC | | | (153 | ) | | | (321 | ) |
| | | | | | | |
| Income tax provision attributable to CAM | | | 2,754 | | | | 2,901 | |
| | | | | | | | | |
| Net income attributable to CAM | | | 4,632 | | | | 4,811 | |
| | | | | | | |
| Income before taxes attributable to CAM | | $ | 7,386 | | | $ | 7,712 | |
| | | | | | | |
| | | | | | | | | |
| CAM’s effective income tax rate | | | 37.3 | % | | | 37.6 | % |
Table D
Lipper Rankings as of 3/31/115
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| | | | | | 1 Year | | | 3 Years | | | 5 Years |
| | | | | | % | | Absolute | | # of | | | % | | Absolute | | # of | | | % | | Absolute | | # of |
| Calamos Fund | | Lipper Category | | | Rank | | Rank | | Funds | | | Rank | | Rank | | Funds | | | Rank | | Rank | | Funds |
| | | | | | | | | | |
| Calamos Growth | | MultiCap Growth | | | | 22 | | | | 98 | | | | 458 | | | | | 57 | | | | 219 | | | | 389 | | | | | 63 | | | | 201 | | | | 319 | |
| | | | | | | | | | |
| Calamos Blue Chip | | Large Cap Growth | | | | 28 | | | | 217 | | | | 799 | | | | | 43 | | | | 300 | | | | 704 | | | | | 37 | | | | 228 | | | | 621 | |
| | | | | | | | | | |
| Calamos Growth & Income | | Flexible Portfolio | | | | 15 | | | | 24 | | | | 165 | | | | | 12 | | | | 14 | | | | 126 | | | | | 34 | | | | 28 | | | | 83 | |
| | | | | | | | | �� | |
| Calamos Discovery Growth | | Small-Cap Growth Funds | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Calamos Value | | Large Cap Core | | | | 99 | | | | 1067 | | | | 1082 | | | | | 81 | | | | 765 | | | | 944 | | | | | 83 | | | | 653 | | | | 793 | |
| | | | | | | | | | |
| Calamos Global Equity | | Global MultiCap Growth | | | | 7 | | | | 9 | | | | 133 | | | | | 16 | | | | 13 | | | | 83 | | | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Calamos Global Growth & Income | | Global Flexible Portfolio | | | | 10 | | | | 20 | | | | 217 | | | | | 20 | | | | 23 | | | | 117 | | | | | 34 | | | | 24 | | | | 70 | |
| | | | | | | | | | |
| Calamos International Growth | | International MultiCap Growth | | | | 8 | | | | 15 | | | | 190 | | | | | 6 | | | | 8 | | | | 135 | | | | | 8 | | | | 7 | | | | 90 | |
| | | | | | | | | | |
| Calamos Evolving World Growth | | Emerging Markets | | | | 10 | | | | 37 | | | | 396 | | | | | — | | | | — | | | | — | | | | | | | | | — | | | | | |
| | | | | | | | | | |
| Calamos Convertible | | Convertible | | | | 86 | | | | 54 | | | | 62 | | | | | 45 | | | | 24 | | | | 53 | | | | | 47 | | | | 21 | | | | 44 | |
| | | | | | | | | | |
| Calamos High Yield | | High Current Yield | | | | 94 | | | | 450 | | | | 481 | | | | | 86 | | | | 367 | | | | 426 | | | | | 83 | | | | 296 | | | | 356 | |
| | | | | | | | | | |
| Calamos Total Return Bond | | Intermediate Inv Grade Debt | | | | 58 | | | | 332 | | | | 572 | | | | | 41 | | | | 196 | | | | 485 | | | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Calamos Market Neutral Income | | Equity Market Neutral | | | | 33 | | | | 26 | | | | 78 | | | | | 13 | | | | 7 | | | | 53 | | | | | 23 | | | | 8 | | | | 35 | |
| | | | | | | | | | |
| |
| | | | | | 10 Years | | | 15 Years | | | Since Inception |
| | | | | | % | | Absolute | | # of | | | % | | Absolute | | # of | | | % | | Absolute | | # of |
| Calamos Fund | | Lipper Category | | | Rank | | Rank | | Funds | | | Rank | | Rank | | Funds | | | Rank | | Rank | | Funds |
| | | | | | | | | | |
| Calamos Growth | | MultiCap Growth | | | | 12 | | | | 26 | | | | 220 | | | | | 2 | | | | 1 | | | | 84 | | | | | 17 | | | | 81 | | | | 498 | |
| | | | | | | | | | |
| Calamos Blue Chip | | Large Cap Growth | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 49 | | | | 422 | | | | 869 | |
| | | | | | | | | | |
| Calamos Growth & Income | | Flexible Portfolio | | | | 15 | | | | 6 | | | | 41 | | | | | 8 | | | | 2 | | | | 26 | | | | | 15 | | | | 32 | | | | 225 | |
| | | | | | | | | | |
| Calamos Discovery Growth | | Small-Cap Growth Funds | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 3 | | | | 14 | | | | 544 | |
| | | | | | | | | | |
| Calamos Value | | Large Cap Core | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 62 | | | | 697 | | | | 1126 | |
| | | | | | | | | | |
| Calamos Global Equity | | Global MultiCap Growth | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 58 | | | | 95 | | | | 165 | |
| | | | | | | | | | |
| Calamos Global Growth & Income | | Global Flexible Portfolio | | | | 53 | | | | 25 | | | | 47 | | | | | — | | | | — | | | | — | | | | | 46 | | | | 136 | | | | 297 | |
| | | | | | | | | | |
| Calamos International Growth | | International MultiCap Growth | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 30 | | | | 62 | | | | 211 | |
| | | | | | | | | | |
| Calamos Evolving World Growth | | Emerging Markets | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 45 | | | | 217 | | | | 491 | |
| | | | | | | | | | |
| Calamos Convertible | | Convertible | | | | 45 | | | | 17 | | | | 37 | | | | | 15 | | | | 3 | | | | 20 | | | | | 34 | | | | 25 | | | | 74 | |
| | | | | | | | | | |
| Calamos High Yield | | High Current Yield | | | | 36 | | | | 83 | | | | 236 | | | | | — | | | | — | | | | — | | | | | 59 | | | | 310 | | | | 530 | |
| | | | | | | | | | |
| Calamos Total Return Bond | | Intermediate Inv Grade Debt | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 15 | | | | 85 | | | | 603 | |
| | | | | | | | | | |
| Calamos Market Neutral Income | | Equity Market Neutral | | | | 20 | | | | 3 | | | | 14 | | | | | 25 | | | | 1 | | | | 3 | | | | | 22 | | | | 23 | | | | 108 | |
| | | | | | | | | | |
| | | |
| 5 | | Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Absolute performance for some funds was negative. For each fund rankings are for Class A Shares for the period ending March 31, 2011, and will differ for other share classes. |
| |
| | | Source: Lipper- provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Rankings are historical with capital gains and dividends reinvested and do not include the effect of loads. If an expense waiver was in effect, it may have had a material effect on the total return or yield for the period. |
Table E
Morningstar Rankings as of 3/31/116 and 7
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | YTD | | | 1 Year | | | 3 Years |
| | | | | | | | | | | | | | 1/1/2011- | | | 4/1/2010- | | | 4/1/2008- |
| | | | | | | | | | | | | | 3/31/2011 | | | 3/31/2011 | | | 3/31/2011 |
| | | | | | | | | # | | | | | | | | | | | # | | | | | | | | | | | # | | | | | | | | | | | # |
| | | | | Morningstar | | ranked | | | Peer | | Peer | | ranked | | | Peer | | Peer | | ranked | | | Peer | | Peer | | ranked |
| Group/ | | | | Overall | | in peer | | | group | | group | | in peer | | | group | | group | | in peer | | | group | | group | | in peer |
| Investment | | Category | | Rating | | group | | | % | | rank | | group | | | % | | rank | | group | | | % | | rank | | group |
| | | | | | | | | | |
| Calamos Growth A | | Large Growth | | 3 Stars | | | 1,505 | | | | | 16 | | | | 271 | | | | 1,763 | | | | | 7 | | | | 112 | | | | 1,693 | | | | | 39 | | | | 590 | | | | 1,498 | |
| | | | | | | | | | |
| Calamos Growth & Income A | | Aggressive Allocation | | 5 Stars | | | 226 | | | | | 8 | | | | 19 | | | | 246 | | | | | 10 | | | | 24 | | | | 244 | | | | | 1 | | | | 2 | | | | 226 | |
| | | | | | | | | | |
| Calamos Blue Chip A | | Large Growth | | 3 Stars | | | 1,505 | | | | | 30 | | | | 528 | | | | 1,763 | | | | | 32 | | | | 534 | | | | 1,693 | | | | | 46 | | | | 684 | | | | 1,498 | |
| | | | | | | | | | |
| Calamos Value A | | Large Blend | | 2 Stars | | | 1,757 | | | | | 92 | | | | 1,933 | | | | 2,084 | | | | | 99 | | | | 1,955 | | | | 1,973 | | | | | 82 | | | | 1,433 | | | | 1,747 | |
| | | | | | | | | | |
| Calamos Discovery Growth A | | Small Growth | | | N/A | | | N/A | | | | | 1 | | | | 1 | | | | 797 | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Calamos Global Growth & Income A | | World Allocation | | 3 Stars | | | 201 | | | | | 12 | | | | 46 | | | | 406 | | | | | 10 | | | | 33 | | | | 325 | | | | | 14 | | | | 29 | | | | 201 | |
| | | | | | | | | | |
| Calamos Global Equity A | | World Stock | | 4 Stars | | | 660 | | | | | 8 | | | | 73 | | | | 993 | | | | | 4 | | | | 33 | | | | 897 | | | | | 7 | | | | 44 | | | | 662 | |
| | | | | | | | | | |
| Calamos International Growth A | | Foreign Large Growth | | 4 Stars | | | 207 | | | | | 1 | | | | 2 | | | | 253 | | | | | 6 | | | | 15 | | | | 244 | | | | | 4 | | | | 8 | | | | 203 | |
| | | | | | | | | | |
| Calamos Evolving World Growth A | | Diversified Emerging Markets | | | N/A | | | | N/A | | | | | 4 | | | | 16 | | | | 461 | | | | | 8 | | | | 29 | | | | 390 | | | | | — | | | | — | | | | — | |
| | | | | | | | | | |
| Calamos Convertible A | | Convertibles | | 4 Stars | | | 63 | | | | | 58 | | | | 48 | | | | 82 | | | | | 87 | | | | 63 | | | | 72 | | | | | 47 | | | | 30 | | | | 63 | |
| | | | | | | | | | |
| Calamos High Yield A | | High Yield Bond | | 2 Stars | | | 506 | | | | | 64 | | | | 388 | | | | 604 | | | | | 93 | | | | 528 | | | | 564 | | | | | 86 | | | | 439 | | | | 506 | |
| | | | | | | | | | |
| Calamos Total Return Bond A | | Intermediate Term Bond | | 3 Stars | | | 1,021 | | | | | 31 | | | | 385 | | | | 1,241 | | | | | 56 | | | | 643 | | | | 1,152 | | | | | 40 | | | | 404 | | | | 1,018 | |
| | | | | | | | | | |
| Calamos Market Neutral Income A | | Long-Short | | 4 Stars | | | 108 | | | | | 42 | | | | 148 | | | | 349 | | | | | 47 | | | | 112 | | | | 238 | | | | | 21 | | | | 24 | | | | 111 | |
| | | | | | | | | | |
| | |
| 6 | | Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive fund performance. Absolute performance for some funds was negative. For each fund, rankings are for Class A Shares for the period ending March 31, 2011, and will differ for other share classes. |
| |
| | | The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a 3-year performance history. |
| |
| | | Percentile ranking is a standardized ranking. The first (best) observation with the largest numerical value, in terms of net-of-fee performance is ranked one; and the observation with the smallest numerical value is ranked 100. The rest of the observations are ranked an equal distance from each other in order of their numerical values, from largest to smallest. The percentile rank is calculated by dividing the absolute rank within a peer group. |
Table E Continued6 and 7
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | 5 Years | | | 10 Years | | | 15 Years | | | |
| | | | | | 4/1/2006- | | | 4/1/2001- | | | 4/1/1996- | | | |
| | | | | | 3/31/2011 | | | 3/31/2011 | | | 3/31/2011 | | | Since Inception |
| | | | | | | | | | | | | | # | | | | | | | | | | | # | | | | | | | | | | | # | | | | | | | | | | | # | | |
| | | | | | Peer | | Peer | | ranked | | | Peer | | Peer | | ranked | | | Peer | | Peer | | ranked | | | Peer | | Peer | | ranked | | |
| Group/ | | | | | group | | group | | in peer | | | group | | group | | in peer | | | group | | group | | in peer | | | group | | group | | in peer | | SI |
| Investment | | Category | | | % | | rank | | group | | | % | | rank | | group | | | % | | rank | | group | | | % | | rank | | group | | Date |
| | | | | | | | | | | | | |
| Calamos Growth A | | Large Growth | | | | 54 | | | | 707 | | | | 1,306 | | | | | 4 | | | | 28 | | | | 814 | | | | | 1 | | | | 1 | | | | 308 | | | | | 1 | | | | 1 | | | | 131 | | | | 9/90 | |
| | | | | | | | | | | | | |
| Calamos Growth & Income A | | Aggressive Allocation | | | | 7 | | | | 13 | | | | 182 | | | | | 3 | | | | 3 | | | | 69 | | | | | 1 | | | | 1 | | | | 26 | | | | | 1 | | | | 1 | | | | 8 | | | | 9/88 | |
| | | | | | | | | | | | | |
| Calamos Blue Chip A | | Large Growth | | | | 36 | | | | 472 | | | | 1,306 | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 44 | | | | 476 | | | | 1,075 | | | | 12/03 | |
| | | | | | | | | | | | | |
| Calamos Value A | | Large Blend | | | | 82 | | | | 1,207 | | | | 1,463 | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 38 | | | | 340 | | | | 900 | | | | 1/02 | |
| | | | | | | | | | | | | |
| Calamos Discovery Growth A | | Small Growth | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 4 | | | | 26 | | | | 768 | | | | 6/10 | |
| | | | | | | | | | | | | |
| Calamos Global Growth & Income A | | World Allocation | | | | 37 | | | | 51 | | | | 136 | | | | | 40 | | | | 30 | | | | 73 | | | | | — | | | | — | | | | — | | | | | 35 | | | | 12 | | | | 33 | | | | 9/96 | |
| | | | | | | | | | | | | |
| Calamos Global Equity A | | World Stock | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 4 | | | | 23 | | | | 568 | | | | 3/07 | |
| | | | | | | | | | | | | |
| Calamos International Growth A | | Foreign Large Growth | | | | 4 | | | | 7 | | | | 163 | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 5 | | | | 7 | | | | 134 | | | | 3/05 | |
| | | | | | | | | | | | | |
| Calamos Evolving World Growth A | | Diversified Emerging Markets | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 5 | | | | 16 | | | | 309 | | | | 8/08 | |
| | | | | | | | | | | | | |
| Calamos Convertible A | | Convertibles | | | | 44 | | | | 24 | | | | 53 | | | | | 46 | | | | 20 | | | | 42 | | | | | 8 | | | | 3 | | | | 26 | | | | | 1 | | | | 1 | | | | 7 | | | | 6/85 | |
| | | | | | | | | | | | | |
| Calamos High Yield A | | High Yield Bond | | | | 84 | | | | 361 | | | | 430 | | | | | 35 | | | | 100 | | | | 288 | | | | | — | | | | — | | | | — | | | | | 20 | | | | 49 | | | | 248 | | | | 8/99 | |
| | | | | | | | | | | | | |
| Calamos Total Return Bond A | | Intermediate Term Bond | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | | 23 | | | | 222 | | | | 957 | | | | 6/07 | |
| | | | | | | | | | | | | |
| Calamos Market Neutral Income A | | Long-Short | | | | 19 | | | | 11 | | | | 56 | | | | | 37 | | | | 8 | | | | 20 | | | | | 17 | | | | 2 | | | | 7 | | | | | 1 | | | | 1 | | | | 5 | | | | 9/90 | |
| | | | | | | | | | | | | |
| | |
| 7 | | TheCalamos Growth Fund’sClass A shares received 2 stars for 3 years, 1 star for 5 years, and 4 stars for 10 years out of 1505, 1312, and 818 Large Growth funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Growth and Income Fund’sClass A shares received 5 stars for 3 years, 4 stars for 5 years, and 5 stars for 10 years out of 226, 182, and 69 Aggressive Allocation funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Blue Chip Fund’sClass A shares received 3 stars for 3 years and 3 stars for 5 years out of 1505 and 1312 Large Growth funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Value Fund’sClass A shares received 1 star for 3 years and 2 stars for 5 years out of 1757 and 1471 Large Blend funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Global Growth and Income Fund’sClass A shares received 3 stars for 3 years, 3 stars for 5 years, and 3 stars for 10 years out of 201, 136, and 73 World Allocation funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Global Equity Fund’sClass A shares received 4 stars for 3 years out of 660 World Stock funds for the period ended 3/31/11. |
| |
| | | TheCalamos International Growth Fund’sClass A shares received 4 stars for 3 years and 4 stars for 5 years out of 207 and 164 Foreign Large Growth funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Convertible Fund’sClass A shares received 3 stars for 3 years, 3 stars for 5 years, and 4 stars for 10 years out of 63, 53, and 42 Convertibles funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos High Yield Fund’sClass A shares received 1 star for 3 years, 2 stars for 5 years, and 3 stars for 10 years out of 506, 430, and 288 High Yield Bond funds, respectively, for the period ended 3/31/11. |
| |
| | | TheCalamos Total Return Bond Fund’sClass A shares received 3 stars for 3 years out of 1021 Intermediate-term Bond funds for the period ended 3/31/11. |
| |
| | | TheCalamos Market Neutral Income Fund’sClass A shares received 3 stars for 3 years, 3 stars for 5 years, and 4 stars for 10 years out of 108, 54, and 19 Long-short funds, respectively, for the period ended 3/31/11. |
Table F
eVestment Alliance Rankings as of 3/31/118
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Since | | |
| Calamos | | eVestment | | YTD | | 1 Year | | 3 Year | | 5 Year | | 10 Year | | Inception | | |
| Institutional | | Alliance | | % | | # of | | % | | # of | | % | | # of | | % | | # of | | % | | # of | | % | | # of | | SI |
| Strategies | | Category | | Rank | | Strat | | Rank | | Strat | | Rank | | Strat | | Rank | | Strat | | Rank | | Strat | | Rank | | Strat | | Date |
| |
| Growth | | US All Cap Growth Equity | | | 45 | | | | 77 | | | | 28 | | | | 77 | | | | 53 | | | | 74 | | | | 67 | | | | 67 | | | | 24 | | | | 43 | | | | 1 | | | | 10 | | | | 1/91 | |
| |
| Large Cap Growth | | US Large Cap Growth Equity | | | 27 | | | | 318 | | | | 29 | | | | 318 | | | | 33 | | | | 309 | | | | 26 | | | | 291 | | | | — | | | | — | | | | 30 | | | | 274 | | | | 1/04 | |
| |
| Mid Cap Growth | | US Mid Cap Growth Equity | | | 15 | | | | 138 | | | | 7 | | | | 138 | | | | 23 | | | | 137 | | | | 50 | | | | 129 | | | | — | | | | — | | | | 50 | | | | 104 | | | | 2/03 | |
| |
| US Opportunities | | US Large Cap Growth Equity | | | 40 | | | | 318 | | | | 48 | | | | 318 | | | | 7 | | | | 309 | | | | 10 | | | | 291 | | | | 1 | | | | 221 | | | | 4 | | | | 27 | | | | 1/89 | |
| |
| Small-Mid Cap Growth Strategy | | US Small-Mid Cap Growth Equity | | | 2 | | | | 85 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 14 | | | | 89 | | | | 8/10 | |
| |
| Value | | US All Cap Value Equity | | | 92 | | | | 117 | | | | 100 | | | | 116 | | | | 81 | | | | 112 | | | | 77 | | | | 102 | | | | — | | | | — | | | | 91 | | | | 68 | | | | 1/02 | |
| |
| Global Growth | | Global All Cap Growth Equity | | | 5 | | | | 44 | | | | 7 | | | | 43 | | | | 4 | | | | 29 | | | | — | | | | — | | | | — | | | | — | | | | 13 | | | | 25 | | | | 4/07 | |
| |
| Global Opportunities | | Global All Cap Growth Equity | | | 23 | | | | 44 | | | | 43 | | | | 43 | | | | 11 | | | | 29 | | | | 15 | | | | 21 | | | | 33 | | | | 13 | | | | 1 | | | | 5 | | | | 10/96 | |
| |
| International Growth | | ACWI ex-US All Cap Growth Equity | | | 5 | | | | 21 | | | | 5 | | | | 21 | | | | 1 | | | | 19 | | | | 1 | | | | 13 | | | | — | | | | — | | | | 1 | | | | 14 | | | | 4/05 | |
| |
| Emerging Economies | | Emerging Markets Equity | | | 2 | | | | 153 | | | | 8 | | | | 153 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 90 | | | | 179 | | | | 12/08 | |
| |
| Convertible | | US Convertibles | | | 16 | | | | 27 | | | | 50 | | | | 27 | | | | 66 | | | | 25 | | | | 67 | | | | 25 | | | | 56 | | | | 19 | | | | 1 | | | | 1 | | | | 10/79 | |
| |
| Global Convertibles | | US Convertibles | | | 66 | | | | 27 | | | | 70 | | | | 27 | | | | 79 | | | | 25 | | | | 37 | | | | 25 | | | | — | | | | — | | | | 27 | | | | 23 | | | | 10/01 | |
| |
| High Yield | | US High Yield Fixed Income | | | 61 | | | | 104 | | | | 80 | | | | 104 | | | | 78 | | | | 101 | | | | 76 | | | | 95 | | | | 30 | | | | 75 | | | | 25 | | | | 75 | | | | 11/99 | |
| |
| | |
| 8 | | Data presented reflects past performance, which is no guarantee of future results. Strong rankings are not indicative of positive performance. Absolute performance for some strategies was negative. |
| |
| | | Source: eVestment Alliance — rankings are based on total return for the period ending March 31, 2011, and do not take into account any investment advisory and/or management fees that may be associated with these strategies. eVestment Alliance is an independent third party database that contains performance information for select investment advisors. Information contained in this database is supplied, on a voluntary basis, by investment advisors who choose to be included in the database and is reliant on the individual advisors to be timely and accurate. |
Table G
Fund Performance
Class A Shares Average Annual Total Returns as of 3/31/119 and 10
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A SHARE |
| | | NASDAQ | | YTD | | 1-Year | | 3-Year | | 5-Year | | 10-Year | | SI | | INCEPTION |
| FUND NAME | | SYMBOL | | NAV | | NAV | | NAV | | NAV | | NAV | | NAV | | DATE |
| |
| Growth | | CVGRX | | | 6.99 | % | | | 24.42 | % | | | 4.26 | % | | | 2.83 | % | | | 6.60 | % | | | 14.50 | % | | | 9/4/90 | |
Russell Midcap Growth Index | | | | | | | 7.85 | % | | | 26.60 | % | | | 7.63 | % | | | 4.93 | % | | | 6.94 | % | | | 10.76 | % | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Growth and Income | | CVTRX | | | 5.76 | | | | 16.59 | | | | 7.32 | | | | 4.98 | | | | 7.42 | | | | 12.18 | | | | 9/22/88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
S&P 500 Index | | | | | | | 5.92 | | | | 15.65 | | | | 2.35 | | | | 2.62 | | | | 3.29 | | | | 9.73 | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Value | | CVAAX | | | 3.57 | | | | 4.85 | | | | 0.36 | | | | 0.70 | | | | — | | | | 3.74 | | | | 1/2/02 | |
Russell 1000 Value Index | | | | | | | 6.46 | | | | 15.15 | | | | 0.60 | | | | 1.38 | | | | — | | | | 4.88 | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Blue Chip | | CBCAX | | | 6.18 | | | | 18.27 | | | | 3.82 | | | | 3.68 | | | | — | | | | 5.23 | | | | 12/1/03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
S&P 500 Index | | | | | | | 5.92 | | | | 15.65 | | | | 2.35 | | | | 2.62 | | | | — | | | | 5.06 | | | | | |
| |
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| Discovery Growth | | CADGX | | | 15.41 | | | | — | | | | — | | | | — | | | | — | | | | 47.66 | * | | | 6/1/10 | |
Russell 2500 Growth | | | | | | | 9.83 | | | | — | | | | — | | | | — | | | | — | | | | 34.83 | | | | | |
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| Global Growth and Income | | CVLOX | | | 4.65 | | | | 16.45 | | | | 5.13 | | | | 5.24 | | | | 7.22 | | | | 9.53 | | | | 9/9/96 | |
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MSCI World Index (USD) | | | | | | | 4.91 | | | | 14.03 | | | | 0.34 | | | | 2.64 | | | | 4.73 | | | | 6.14 | | | | | |
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| International Growth | | CIGRX | | | 6.25 | | | | 23.94 | | | | 4.47 | | | | 6.95 | | | | — | | | | 10.64 | | | | 3/16/05 | |
MSCI EAFE Growth Index | | | | | | | 2.30 | | | | 12.88 | | | | -2.16 | | | | 2.50 | | | | — | | | | 5.37 | | | | | |
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| Global Equity | | CAGEX | | | 6.86 | | | | 25.29 | | | | 7.17 | | | | — | | | | — | | | | 7.87 | | | | 3/1/07 | |
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MSCI World Index (USD) | | | | | | | 4.91 | | | | 14.03 | | | | 0.34 | | | | — | | | | — | | | | 0.16 | | | | | |
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| Evolving World Growth | | CNWGX | | | 4.41 | | | | 23.02 | | | | — | | | | — | | | | — | | | | 13.65 | | | | 8/15/08 | |
MSCI Emerging Markets Index | | | | | | | 2.10 | | | | 18.78 | | | | — | | | | — | | | | — | | | | 9.95 | | | | | |
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| 9 | | Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. |
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| | | Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 4.75% for Class A shares (3.75% for Total Return Bond Fund). |
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| | | All funds are not available at all firms. |
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| | | The Funds’ gross expense ratios as of the prospectus dated 3/1/2011 are as follows: Growth A 1.28%, Growth and Income A 1.09%, Value A 1.60%, Blue Chip A 1.56%, Global Growth and Income A 1.37%, International Growth A 1.67%, Global Equity A 1.89%, Evolving World Growth A 1.68%, Convertible A 1.08%, Market Neutral Income A 1.20%, High Yield A 1.21%, Discovery Growth A 2.30%, and Total Return Bond A 0.99%. |
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| | | Before investing, carefully consider the Fund’s investment objectives, risks, charges and expenses. Contact 800.582.6959 for a prospectus containing this and other information. Read it carefully. |
Table G Continued9 and 10
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | A SHARE | |
| | | | | | | YTD | | | 1-Year | | | 3-Year | | | 5-Year | | | 10-Year | | | SI | | | INCEPTION | |
| FUND NAME | | NASDAQ SYMBOL | | | NAV | | | NAV | | | NAV | | | NAV | | | NAV | | | NAV | | | DATE | |
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Convertible# | | CCVIX | | | 5.25 | | | | 13.72 | | | | 7.07 | | | | 5.96 | | | | 6.38 | | | | 10.02 | | | | 6/21/85 | |
Value Line Convertible Index | | | | | | | 6.51 | | | | 19.29 | | | | 11.53 | | | | 8.05 | | | | 8.17 | | | | 8.68 | | | | | |
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Market Neutral Income+ | | CVSIX | | | 1.84 | | | | 5.26 | | | | 2.76 | | | | 3.19 | | | | 4.28 | | | | 7.21 | | | | 9/4/90 | |
Barclays Capital U.S. Government/Credit Bond Index | | | | | | | 0.28 | | | | 5.26 | | | | 4.82 | | | | 5.83 | | | | 5.53 | | | | 7.03 | | | | | |
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| High Yield | | CHYDX | | | 3.48 | | | | 11.15 | | | | 8.25 | | | | 6.08 | | | | 7.66 | | | | 7.03 | | | | 8/2/99 | |
Credit Suisse High Yield Index | | | | | | | 3.77 | | | | 13.64 | | | | 11.66 | | | | 8.54 | | | | 8.99 | | | | 7.64 | | | | | |
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| Total Return Bond | | CTRAX | | | 1.28 | | | | 5.67 | | | | 6.19 | | | | — | | | | — | | | | 7.27 | | | | 6/27/07 | |
Barclays Capital U.S. Aggregate Bond Index | | | | | | | 0.42 | | | | 5.12 | | | | 5.30 | | | | — | | | | — | | | | 6.47 | | | | | |
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| * | | Cumulative returns |
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| # | | Effective the close of business, January 28, 2011, the Calamos Convertible Fund is closed to new investments with limited exceptions as enumerated in the prospectus. |
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| + | | Effective the close of business, January 28, 2011, the Calamos Market Neutral Income Fund is limiting new investments to investors that own Fund shares, subject to exceptions enumerated in the prospectus. |
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| # # # # # |
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| 10 | | Barclays Capital U.S. Government/Credit Bond Index- Comprises long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Unlike convertible bonds, U.S. Treasury bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the timely repayment of principal and interest. |
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| | | Barclays Capital U.S. Aggregate Bond Index- The Barclays Capital U.S. Aggregate Bond Index covers the U.S.-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS sectors. |
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| | | Credit Suisse High Yield Index- The Credit Suisse High Yield Index is an unmanaged index of high yield debt securities. |
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| | | MSCI EAFE Growth Index- The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). |
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| | | MSCI Emerging Markets Index- The MSCI Emerging Markets Index is a free float adjusted market capitalization index. It includes market indexes of Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. |
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| | | MSCI World Index (USD)- The MSCI World Index (USD) is a market capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe, and Asia/Pacific region. |
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| | | Russell 1000 Value Index- The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. |
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| | | Russell 2500 Growth Index- The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. |
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| | | Russell Midcap Growth Index- The Russell Midcap Growth Index measures the performance of those Russell Midcap companies whose average market capitalization is approximately $4.5 billion, with higher price-to-book ratios and higher growth values. |
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| | | S&P 500 Index- The S&P 500 Index is generally considered representative of the U.S. stock market. |
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| | | Value Line Convertible Index- The Value Line Convertible Index is an equal weighted index of the largest convertibles. |
